LOCATION, LOCATION, LOCATION!31 July , 2017 509
In all cultures across the world, investing in real estate is an endeavor that is deeply underscored. And more often than not, it can be a daunting endeavor.
As it is often said in the property market, every city has good neighborhoods and every neighborhood has good properties but its takes market insight to identify where to invest in to get good yields. And this can really be unnerving.
This article gives interesting insights on the most relevant factors to consider when taking real estate investment decisions as well as the neighborhoods with investment potential.
- Property Location
The location of a property is paramount to your investment decisions. If you are investing as a developer or you are buying a residential property to rent out, it is important to consider if the location of the property is a place where people would want to readily stay in or do business at.
A property close to a very good basic school is also more likely to attract families with school going children or school staff. The simple rule is to know your target market and where they would want to be.
- Availability of Social Amenities
Communal amenities are a great selling point for real estate. Malls, parks, gyms, entertainment hubs, movie theatres and transport terminals in close proximity give value to properties.
This is one of the reasons why residential developments in Airport Residential, Cantonments and Labone attract higher rentals than others in less sought after areas of the Accra.
- Secure Neighborhoods
Naturally, no one would like to invest or stay in an unsafe neighborhood. Areas that are noted for crime and rowdy activities do not make good investment choices in real estate. If you are investing as a developer or buying an apartment or house to rent out, you should be conscious about the security of the neighborhood.
Properties that can serve as an example are Villaggio and Beaufort, as they are built in secure neighborhoods, close to embassies, government and international institutions, as well as hotels. These areas are known for lower crime rates and are highly accessible.
- Market Rental Rates
Rental prices set by the market should guide your investment decision particularly on which kind of property to invest in and the neighborhood. Rental prices differ across the board and it takes a lot of foot work and research to know what the market is demanding and how to position your property to meet this demand. It is important to have all the necessary information prior to making an investment decision.
- Property Taxes
Another important factor in real estate investment is knowing about property taxes. Taxes differ by property type, and it is important for an investor to know what to expect when investing. This will help in the preparation of the business model and ensure all considerations are taken when pricing the property for resale or rent.
Robert Kiyosaki and astute investor once said that Real estate investing, even on a very small scale, remains a tried and true means of building an individual's wealth. It is however important to get the right advice to find the perfect property in the right location..
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